Stella Dimoko Korkus.com: Femi Otedola Reportedly No Longer A Billionaire

Advertisement

Advertisement - Mobile In-Article

Monday, 17 October 2016

Femi Otedola Reportedly No Longer A Billionaire

Oil tycoon’s fortune plunges to $550 million from $1.8 billion...



Nigerian businessman Femi Otedola‘s net worth has plunged from $1.8 Billion to $550 Million following a massive drop in the stock price of Forte Oil, the Nigerian Stock Exchange-listed petroleum marketing company.

As at the close of trading on Friday, Forte Oil’s share price plunged to a one-year low of N145 ($0.44) per share, down from an all-time high of N342 ($1.1) in March this year when FORBES published its annual ranking of the world’s richest people.

Apart from the tumble in Forte Oil’s stock price, Otedola’s fortune has also been adversely affected by a central bank devaluation of the Naira in June. In dollar terms, the devaluation in addition to Forte’s floundering share price has knocked about $1.3 billion off the value of Otedola’s fortune which was pegged at $1.8 billion in March.

Otedola, who is Forte Oil Plc’s Chairman, is now worth only $550 million as at the close of business of Friday, according to the FORBES’ billionaires’ database.
Femi Otedola was unavailable for comments. However, an analyst at a Lagos-based Investment bank hinted that the share price drop may not be unconnected to the current recession in Nigeria that has witnessed 2 consecutive quarters of negative growth with inflation soaring to levels as high as 17%.


Culled:  forbes.com


83 comments:

  1. When all road been closed in Buhari government ,Buhari is working but the truth is the average Nigerian is paying for it

    ReplyDelete
    Replies
    1. He's should simply pay 10% of what he's worth as tithe make I pray give am,#prayerChangesThings

      Delete
    2. Lol, abi o. Usani, e be like say I go join ya 'teke'. Wait make I jack this my papa bible come. We need coconut and broom?

      Delete
  2. No problem, he still get money. Wale tinubu just did, Ok let me keep shut

    ReplyDelete
  3. Eeya
    Will his daughters now stop being all up in my face with their everyday photo shoot?

    ReplyDelete
  4. One man has lost $1.5billion. Femi cannot be happy with Buhari's Government.
    On the brighter side, he is still a Billionaire in Naira..

    ReplyDelete
    Replies
    1. Hehehehe.... ain't mocking him o but like u said, on a brighter side.

      Delete
    2. Issokey seen

      Delete
  5. He's still rich! Some people no smell that kind money

    ReplyDelete
  6. Well, 500 million dollars is still a whole lot of money. So enjoy oga Femi

    ReplyDelete
  7. Kwakwakwakwa...
    Serves him right!...
    Shey he was clamouring for change!..
    Meanwhile,is that why he sent his daughter to Dangote to gbensh?...
    Oriegwu oh!...

    ReplyDelete
    Replies
    1. Hmmmmmmmmm..queen queen......

      Delete
    2. Nne fear God small biko! LOL whts the worth of his daughter's punani biko? Is it worth even 1 dangote trailer?

      Delete
    3. Chai! Nne release the story oo, m all ears biko.

      Delete
    4. You seem to know everything. Make i join your train abeg

      Delete
    5. You must be a bitter and lost soul. How comfortable are you as a woman saying evil about other women

      Delete
    6. Bia queen, abi Linda, when u go bring your toto make I fuck again. E no too sweet bt nw nothing dey for me so I fit manage am. Bia ka m raa gi otu. I ma ka m si eme gi ya na.

      Delete
    7. You are becoming too lousy, watch what you say. Everything is not joke.

      Delete
    8. Aha Queen
      Beyonce hands for you oo.

      Delete
    9. ChaiiiiiIii
      Linda Eze
      Your mouth ehhhhhhh
      E no get part 2

      Delete
    10. Motherfucker were you there? Running your mouth like a faulty faucet. Omo ofo

      Delete
    11. You for join dem nau and still not get paid. Rumour monger.

      Delete
    12. Linda,Linda
      Na only you sabi everything wey dey happen for corner

      Delete
    13. Queen queen, I saw your comment on NGL.

      Delete
    14. Don mayor Linda's bf, I love both of una, I take ds info to d bank correct girl.

      Delete
  8. Meanwhile I dey look for 200 dollars? Abeg, he is very rich

    ReplyDelete
  9. You worth 500musd and you have loans worth a billion usd....happy balling

    ReplyDelete
  10. What ?.

    Vuhari must hear this from the oza room

    ReplyDelete
  11. The rich also cry

    ReplyDelete
  12. Bravitude naturals training has been rebranded. End 2016 with a skill. I need only 20 people who are interested in having an additional source of income. I will be organizing trainings on how to produce and sell natural beauty products. The curriculum contains
    Face and body scrub
    Body butter body cream
    Toning cream
    Spot and blemish removal soap and cream
    Natural black soap mixing( liquid and solid)
    Hair conditioner
    Scalp and hair treatment cream
    Body massaging oil
    Hip and butt enhancer oil

    I will also teach how to source for and sell the following natural products

    Cocoa butter
    Shea butter
    Palm kernel oil
    Black seed oil
    Castor oil
    Sesame seed oil
    Coconut oil
    Black soap
    Turmeric
    Camwood
    Soap mixes
    Body butter
    Acne treatment
    Natural skin oil
    Natural skin lotion for rashes and eczema
    Hair growth oil
    Sunburn cream
    Stretch mark cream
    Scrub
    Mask
    Toning cream
    Chocolate cream
    How to produce and extract oil
    Carrot oil, coconut oil, almond oil, Cinnamon oil, Lemongrass oil
    Whatsapp me on 08132617478, BBM 7B0038F0 or add us on Facebook bravitudenaturals You can also email us on bravitudenaturals@gmail.com

    A training manual with pics and videos of how to produce all the above listed materials will be provided.
    All of the above for just 999 naira only!
    A bonus on how to make mayonnaise and Chapman will also be provided.
    Classes start on the 1st of November and lasts for 2 weeks.

    ReplyDelete
    Replies
    1. Is this going to be online? If not, state your location pls.

      Delete
  13. He still has money,it is not easy even in this recession period,but if he is not satisfied with his fortune,he can transfer all to me# lolz# but all the same.

    ReplyDelete
  14. Recession things. Mehn our economy needs annoiting

    ReplyDelete
  15. When he is making unnecessary expenses, how can a Gas Station have a face or ambassador,and still be paying for her services in the other room.. I didn't call anybody's name oo

    ReplyDelete
  16. Make I hear the other blogger carry this news, famzing no go ever allow her.

    ReplyDelete
  17. Buhari will keep buharising until he reduces to #100, here's your change.

    ReplyDelete
  18. Wow that's about two thirds gone.

    ReplyDelete
  19. Pls what can i do with tigernut chaff, can i use it as flour as regards weightloss or should i throw it away

    ReplyDelete
  20. Still rich in my own definition.

    ReplyDelete
  21. Still a billionaire in naira

    ReplyDelete
  22. Dear Lord, may I someday be worth $550 million and have it said I'm worth ONLY...Amen

    ReplyDelete
  23. @Queen and Bus, everybody don't sleep around like u. And have U taken your family for the HIV test ?

    ReplyDelete
    Replies
    1. Femi otedola d prince of darkness

      Delete
  24. APC are shitheads17 October 2016 at 21:32

    All these small brains saying "he's still rich" do you know what it signifies? Y'all are relatively poorer by half. You should not say at least hes still rich.. say Damn, Nigeria is poorer! Shame to Buhari.. under you the economy is withering and you are still proud

    ReplyDelete
    Replies
    1. You are the small brained one. $500 million is still rich. Everyone knows Nigeria is poor. So?

      Delete
  25. Wonders!! That his xieny gf on IG go dey squeeze face now oh! This recession is real So his daughters should understand the times and seasons and listen to what the spirit of the Lord is saying and pipe for down for now oh! Hmmm.... okay!

    ReplyDelete
    Replies
    1. @ chikito,really# and pipe for down for now.....gbagaun gbagaun but you're always quick to pick spec in other people's eyes.you're just a sick animal.stupid hater,even if femi lost money in a business,he can never get broke for life,you're just jealous of his children cos they got the life you wish for but will never have.fake ass girl.must you have an opinion on every post.google specislist

      Delete
    2. Over sabi kill this chikito die.if his girlfriend doesn't squeeze face go and squeeze it for her.foolish cheap runs girl.you're just jealous,see how you're forming familiarity like you know the girlfriend personally.

      Delete
    3. What girlfriend Chikito? When was the last time xeinny saw Femi? Lmao, Femi ducked Luscious after Xeinny introduced them behind Xeinn's, that's what caused a big rift between them. If you know Femi,you will know he's a confusionist. Randy talkative fool

      Delete
  26. Converting to naira, he is still a billionaire. I no just gbadu the man sef.

    ReplyDelete
  27. Is that why your daughter is gbenshing Dangote.
    Keeping up with the Cuppies coming up soon. Aaarrh

    ReplyDelete
  28. At least he is still in millions

    ReplyDelete
  29. Queen and boss, why laugh at others misfortune?

    ReplyDelete
    Replies
    1. Don't mind that Queen and boss we all know on this blog that she is mentally deranged,we have accepted her like that,just take her comments with a pinch of salt.she's not well at all.

      Delete
    2. Queen and boss,chikito is trying to drag madness with you.you better hold your post wella,don't let that stupid bitch chikito try take your shine on sdk.people don't like chikito anyway,she's just an idiot living in la la land.

      Delete
  30. Recession or not,550 million dollars is still Oga oooooooo,abeg mke them give me just 5million dollars,I go comot d word recession from dictionary replace am wf reduction

    ReplyDelete
  31. Tell ur daughter to stop dat stupid show...she will never be d kardashians...maybe with dis u go leave tiwa alone...Akuna man

    ReplyDelete
  32. Lol the Queen has spoken. Don Mayor seems you like our queen. The two of you are nut cases. Abeg make una allow me no laugh much

    ReplyDelete
  33. in naira he is still pretty a bilionaire

    ReplyDelete

Disclaimer: Comments And Opinions On Any Part Of This Website Are Opinions Of The Writers Or Anonymous Persons And They Do Not Represent The Opinions Of StellaDimokoKorkus.com

Pictures and culled stories posted on this site will be given due credit and is not the fault of StellaDimokoKorkus.com if website culled from misrepresents source of story.

If you have a complaint or a story,Please Contact StellaDimokoKorkus.com Via

Sdimokokorkus@gmail.com
Mobile Phone +4915210329280